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What about the KHC effect?

There is no material KHC effect as the stake is not marked to market so the current price of KHC does not impact the book value. KHC is accounted for by the Equity method.

The full impairment of 3bn (Berkshire's share of the writedown) was recognized in Q4 so has already hit the book value as of Dec 31.

There has been a dividend cut in KHC but the impact is a rounding error for Berkshire.
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